George Procopiou, a 79-year-old Greek billionaire shipping magnate, has been a central figure in the ongoing conflict in the Strait of Hormuz, with his fleet experiencing multiple attacks. His company, Dynacom Tankers, has been one of the few commercial operators daring to send vessels through the strait after Iran closed it following the outbreak of war and threatened to bomb any ship that defied the closure. Recent incidents include the Malta-flagged product tanker Kavomaleas, built in 2025, being struck by two projectiles about eight nautical miles northwest of Oman's Kumzar, sparking an engine room fire and necessitating the crew's evacuation. Another Dynacom-managed vessel, the Liberian-flagged VLCC Acheloos, was also struck by a projectile off Oman. Additionally, the Dynacom-managed tanker Asia was hit by a drone at Russia's Novorossiysk oil terminal in the Black Sea.
Procopiou's decision to continue shipping through the Strait of Hormuz has provoked controversy in the shipping industry due to the significant risk to crews and vessels, with at least nine vessels hit and three seafarers killed since the conflict began. Despite the dangers, his actions have led to substantial profits; freight rates for tankers outside the Gulf have more than doubled, and a Very Large Crude Carrier (VLCC) making the journey to China could earn approximately $500,000 in revenue per day, excluding additional war-risk insurance costs. Dynacom's tankers, including the Athina, reportedly turned off their transponders during passage to avoid targeting, a practice Procopiou previously employed when his companies continued exporting Russian oil after its invasion of Ukraine.
The attacks on Dynacom's fleet have significantly impacted commercial shipping through the Strait of Hormuz. The average number of supertankers using the strait has fallen from eight in late June/early July to five the previous week, and then to just two per day. On a recent Monday, only four commodity vessels crossed Hormuz, down from seven on Sunday, with no VLCCs or liquefied natural gas carriers visible. Tanker-to-tanker oil transfers outside Hormuz have also slowed. These incidents have constrained traffic and sharply increased demand for those willing to take the risk, leading to record-high freight rates. The International Transport Workers Federation has mandated increased payments and the right for crew members to refuse to sail through the Strait of Hormuz due to the heightened risks.
